How to Optimize Safety Stock to Improve Supply Chain Performance

Business developments can be hard to predict; for instance, a customer could place an unexpectedly large order for one of your products. That should be great news for you–but only if you’re prepared to fill the order on time. That’s where safety stock comes in.

Warehouse worker managing safety stock

Forecasting precisely how much inventory you’ll need is always a difficult proposition; safety stock, by acting as “buffer inventory,” allows businesses to build up some margin for error. The downside, of course, is that holding inventory–let alone extra inventory–is expensive.

Some studies have pegged it at 20–40 percent of the cost of stocked merchandise. Making matters worse: That’s an ongoing, recurring cost, not a one-off purchase.…

Continue reading →

5 Factors Every Business Website Owner Should Consider

Is your business website producing the results you want? You may be losing website visitors, business leads and potential shoppers and customers simply because you haven’t taken some simple actions. Below are five of the main factors every business website owner should consider.

Business website

SEO

Search Engine Optimization has the potential to send huge numbers of website visitors and shoppers to a business website for many years to come. However, if you don’t do the groundwork when your website is being developed, it becomes much more difficult for search engines like Google, Yahoo! and Bing to find your website.

One more thing: You should consider focusing on local SEO.…

Continue reading →

Why Investors Don’t Love Your Hardware Startup and What You Can do About It

Hardware-focused entrepreneurs know that starting and scaling a hardware startup is a monumental task. Between product creation, manufacturing, supply chain, sales and branding, it takes focus and stamina. Not surprisingly, nearly 90% of new startups are software focused.

Hardware startup founder

According to PWC and the National Venture Capital Association (NVCA), of the companies receiving venture funding for the first time in Q4 2015, software companies received the largest share, accounting for 37% of the dollars and 39% of the deals. Investment in hardware was less than a quarter of the amount invested in software. So why are VC’s hesitant to invest in hardware companies and how can you finance yourself without their funding?…

Continue reading →

What to Do When an Employee Has a Health Issue at Work

Emergencies are not predictable. That’s their nature. They happen when least expected, and they wreck havoc on everything they come into contact with. If you’re the owner of a small business or you’re a manager, emergencies are your least favorite kind of surprise. They set you back, they lose you employees, they lose you time, and they lose you money.

Employee sickness funny cartoon

If you’re managing a small business and you have employees who are having health issues that either happen at work or interfere with work being able to get done, here are things you can do:

Encourage Time Off

Health issues arise when somebody is stressed.…

Continue reading →

5 Proven Ways to Leverage The Power of Print Marketing

Although the days of the print industry appear to be in jeopardy at the hands of a digital age, the effectiveness and power of physical media is far from gone. While the continuing uprise of the online world has created a marketing platform larger than marketing strategies can keep up with, this country has shown the age of physical promotion isn’t in fear of being at an end.

Woman reading newspaper

Billboards to brochures that draw the eye have been seen supporting businesses worldwide for decades, defining a company’s voice to connect with passers by and prospective buyers alike.

Appeal to your demographic

Considering where your promotions will be and who you are hoping to engage with is the first step toward success in print media.…

Continue reading →

Sole Trader, Limited Company, Partnership or LLP – Which Business Structure is Best?

You’ve got your business idea all sorted. You’ve got a great name ready to register. Now what? You need to decide which legal structure will suit you and your business best.

Limited company

The four most popular ones are sole trader, limited company, general partnership and limited liability partnership (LLP). The decision is actually pretty straightforward when you understand the basic features and benefits of each structure, so we’ll take a look at each one in turn to help you make the right choice for your exciting new venture.

Sole trader

A sole trader is a self-employed person who owns and manages a business as an individual, but they have the option to employ people to work for them.…

Continue reading →

What Impact Will Mayor Khan Have on London’s Business Rates?

Two months after he was voted in as the Labour Party’s candidate for Mayor of London, Sadiq Khan tweeted about his intentions regarding the capital’s impossibly high business rates:

Sadiq Khan tweet

Sadiq Khan set out his stall on London’s businesses early, and his pledge to be “the most pro-business Mayor London has ever had” was a cornerstone of his campaign. He spoke out about business rates and stated that, as “small businesses are the lifeblood of London’s economy…it is vital that control of business rates is devolved…in such a way that it doesn’t simply result in more cuts for London [over other parts of the UK].”…

Continue reading →

4 Ways CEOs Can Effectively Build Their Personal Brands

As a CEO, you have a lot on your plate. All of the responsibilities in front of you make thinking about anything other than the company seem downright impossible. Furthermore, thinking about yourself and your own career can seem like a ludicrous proposition. But that’s exactly what forward thinking CEOs do – they think about themselves from time to time.

Super CEO

4 Ways to Build Your Personal Brand

Regardless of whether you anticipate staying in your current role until retirement, or feel weary about your future with the company, it’s imperative that you build your own personal brand. Not only does brand building open up future job opportunities, but it also exposes you to things like paid speaking engagements, book deals, and industry recognition.…

Continue reading →

Looking To Sell Your Small Business? Here Are Things You Need to Do

If you’re a typical entrepreneur, you have a habit of jumping from one idea and project to the next. When you find something that works and you build a successful business out of it, you’re already looking for the next thing to sink your teeth into. You get easily bored and can’t do the same thing for too long. That’s the reason you’re in the line of work you’re in. Entrepreneurs innovate. They don’t sit on successes of the past. They create the success of the future.

Sell a business

If you’re an entrepreneur anxious to move onto the next project, but you have to offload the current one, it’s not always easy.…

Continue reading →

3 Tips for Assessing Your Financial Needs When Starting a Small Business

Starting a small business requires a great deal of complex planning. Not only do you have to come up with your business plan and method for success but you need to consider financial funding. Many small business owners may take funding for granted and only look for it at the last minute. Unfortunately, this methodology could leave you in an unstable position as you approach opening day.

Assessing small business finance

Funding for small businesses can come from a variety of sources, depending on your business model, ideas, and needs. Failing to adequately assess your needs could leave you with a larger debt than necessary, or not having enough funding to get your business off the ground.…

Continue reading →